2023 Palm Jumeirah Q1 Market Report - Sales Transactions
Transactions Recorded at Dubai Land Department (DLD)
Palm Jumeirah "Secondary Market" Sales – Q1 2023
Total Volume of Sales: 531 | 5% Increase from Q4 2022
Total amount of Sales (AED): 4.52 Billion | 4% Decrease from Q4 2022
Apartments Sold: 336 | 3% Decrease from Q4 2022
Villas / Townhouses Sold: 54 | Same as Q4 2022
Commercial Land / Plots Sold: 51
Serviced Apartments Sold: 83
Transactions that sold between 0 - 3m AED = 286 |53 % of all transactions
Transactions above 5m AED = 140 | 24 % of all transactions
Most Expensive Residential Plot Sold : 74m AED (15,305 Sqft)
Most Expensive Villas Sold
183m AED – Carat 22 Villa | 26,033 Sqft plot
150m AED – Tip Villa| Frond D| 60,000 Sqft Plot
125m AED – Frond F Signature Villa | 18,845 Sqft Plot
86.245m AED - Frond M Signature Villa | 14,764 Sqft
Most expensive Apartments Sold (Top 4):
55m AED – Atlantis the Royal |6,239 Sqft
49m AED – One At Palm | 5,487 Sqft
39m AED – One At Palm | 5,013 Sqft
38m AED– One At Palm | 5,299 Sqft
Average Price per SqFt for a Palm Property – 1,887 AED Per Sqft
Average Property Size Sold – 1,712 SqFt
Villa Transaction Prices in AED
(Villas on the fronds include both the Nakheel standard villas as well as custom built villas which have larger plots and built up sizes)
(A breakdown of individual villa transactions available on request)
· Signature Villas (Nakheel & Custom built)
Price ranges from 19m to 150m
· Garden Home Villa Sizes (Nakheel & Custom built)
Price ranges from 14m to 44.65m
Other Villas (Non Fronds) AED
22 Carat |183m
21m, 20.2m, 13.65m, 13.3m, 7.3m (Palma Residences)
12.5m (Canal Cove 4 bedroom)
8.7m (Canal Cove 3 bedroom)
Off Plan Sales - Oqood Issued
Total Volume of Sales: 242
Total amount of Sales (AED): 1.93 Billion AED
Apartments Sold: 209
Serviced Apartments Sold: 33
Average Price per Sqft: 3,576 AED Sqft
Average Property Size Sold – 1,168 SqFt
Most Expensive Off Plan Properties Sold in AED (Top 5)
65.2m – Orla Residences (Omniyat) | 10,128 Sqft
60.8m – Palm Beach Residences | 15,202 sqft
57m – Orla Residences (Omniyat) | 7,860 Sqft
51m – Orla Residences (Omniyat) | 7,326 Sqft
46.1m – Orla Residences (Omniyat) | 7,450 Sqft
Overall Sales of Off Plan & Ready Properties Q1 2023
Total Volume of Sales: 773 | 40% Below Q4 2022
Total amount of Sales (AED): 4.53 Billion AED | 63% Below Q4 2022
Quarterly stats taken from Reidin / Property Monitor– Please note we do not take any responsibility for the authenticity of the figures.
In the first quarter of 2023, the UAE's premier residential destination the palm experienced a continuation in steady growth.
Although we saw a decrease in volume of sales of 40% and total amount of sales (AED) decrease by 63% compared to Q4 2022 this was largely down to lower transaction volume for the off-plan project sales.
The secondary market numbers remained stable and mirrored Q4 numbers.
An interesting observation was there was no transfers at the higher end for custom built villas rather a number of renovated signature villas taking the higher spots.
The trend of buying standard Nakheel villas on the fronds and renovating and reselling has really picked up momentum with many investors and developers getting involved.
I have a strong Palm Jumeirah team that can help with buying, selling and renting of properties.
Furthermore, working as a private client advisor, it enables us to work with buyers on an exclusive basis with favourable fee terms. We have seen a sharp increase with transactions being closed with clients using this service.
In addition, we represent sellers exclusively with both on and off market deals.
Please get in touch to know more.
Please note the outlook and analysis is based on my own professional opinions with the help of analysing reports of other real estate consultancies. and should not be taken as facts.
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